Refinancing a Car Loan is Easy at River View Ford Near Naperville and Plainfield

May 29th, 2014 by

refinancing a car loanMany drivers secure auto financing near Naperville and Plainfield, drive off, and think that’s it. Similar to a home loan, refinancing a car loan is possible and rather simple. Why would you want to refinance your car? Well, you could lower your monthly payments and save some money by securing a lower interest rate.

How Refinancing Works

Generally the process of car refinancing means transferring the current debt on your vehicle to another lender at a lower interest rate when you still owe money on the car. You first apply for a loan similar to when you first applied for financing. If approved, the new lender pays off the debt to your former lender, and you start making payments to the new lender.

When to Refinance a Car

There are two main times when you want to refinance your car. The first is if you’re credit score has improved, and you now qualify for a lower interest rate. Even if it’s just gone up 50 points, you may still be able to save quite a bit of money. This is especially going to be beneficial if you originally had bad credit when you purchased the vehicle. The other time is if interest rates as a whole have fallen from when you first took out the loan.

Lower Your Monthly Payments and Upgrade Your Car

At River View Ford, we have a special program to help you lower your monthly payments and upgrade your car. If you qualify, we will pay off the remaining value on your current vehicle. River View Ford takes the old car off your hands as a trade in, and then gets you behind the wheel of a newer car for less than what you were paying each month. With the way gas mileage has been increasing on cars lately, you’ll likely be able to save even more each month with a new vehicle.

If you’re interested contact River View Ford or visit our dealership. We’re located at 2200 US 30 in Oswego, a short drive from Naperville and Plainfield.

Posted in Auto Financing